Friday, March 17, 2017

ESAF Small Finance Bank launched

17 March 2017: ESAF Small Finance Bank, Kerala's first private sector bank since 1947, will be launched today by Chief Minister Pinarayi Vijayan in Thrissur.

ESAF Microfinance from Thrissur-based Evangelical Social Action Forum (ESAF) is the promoters of ESAF Small Finance Bank, and is one of the 10 firms selected by the RBI for setting up small finance banks.

ESAF Small Finance Bank, which is planning to set up 85 branches in the first year, will open with 15 branches on the inaugural day. ESAF's small bank targets Rs 20000 crore business by 2020

The bank will focus on Micro banking, MSME financing, home and agriculture loans.

ESAF Microfinance, which is among the ten financial services firms selected by RBI for setting up small finance banks, currently has a network of 285 branches spread over 11 states. Of this 104 branches are in Kerala. The bank aims to expand its total number of branches to 500 and appoint over 10,000 banking correspondants by 2022.